XRP Lawsuit: Ripple and SEC Continue Battle Over Hinman Emails As Filing Due Date On Friday Approaches

April 27, 2022 9:59 pm

Ripple and SEC are still battling on whether or not the SEC is able to prevent the production of the emails that are related to the Hinman speeches.

The emails could potentially contain information that would continue to strengthen Ripple’s position in the court and almost guarantee it wins.

To prevent that, the SEC had been working on filing new privilege assertions which was seen as a last ditch effort to not produce the documents and to buy itself additional time.

As a result, the SEC is now due to renew its assertion of attorney-client privilege and redact the speech documents on the Friday of this week on April 29.

Whether or not this motion will be striked down will be determined by the court.

U.today reports:

Earlier, the SEC had told that court that it was going to file new privilege assertions in a last-ditch effort to prevent the production of emails related to the infamous Ethereum speech of William Hinman, the former director of the SEC’s Division of Corporate Finance.

The agency had also stated its intent to oppose the court’s deliberative process privilege (DPP) ruling, asking for additional time.

In a speech given in 2018, William Hinman, then-SEC Director of Corporation Finance, stated that Ethereum was not a security.

Ripple demanded that the SEC disclose 70 emails about the infamous speech that was distributed within the agency. The SEC fought hard to keep the emails private, even issuing an expert report on the final day of discovery.

The SEC was criticized by the court, and it was ordered to pay the defendant’s expenses as well as the cost of re-deposing an expert witness.

Even with the outcome of the SEC’s motion that will be filed on Friday still unknown at this point, recent developments over the past week have already painted a general timeline for all following the case.

Ripple’s General Counsel Stuart Alderoty has commented that Ripple is doing all that it can to settle the case in the hopes of a faster timeline, but has stated that a 2023 resolution seems likely.

Both parties had aligned on the briefing schedule with Ripple reluctantly accepting due to trying to avoid allowing the SEC trying any more delay tactics.

As the case gets closer to the two year mark, there may finally be a day where the Hinman emails finally get revealed which will conclude the case.

CryptosNewss.com reports:

In updates over the weekend, Ripple’s General Counsel Stuart Alderoty said Ripple is working to settle the matter as soon as possible, although a resolution is most likely in 2023.

It said: ”To everyone who has followed the matter this far – thank you.

Know that Ripple is doing everything possible (and the Court is working hard) to resolve the case as quickly as possible, despite the fact that the SEC has repeatedly done everything it can to delay. ”

Otherwise, settlement is the next option if the SEC decides that it will not reveal the documents.

Either way, both options are good scenarios where Ripple succeeds and it is declared that XRP is not a security.

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